Melt butter with olive oil in a large Dutch oven over medium heat; add onion and next 4 ingredients, and sauté 20 minutes or until onion is caramel colored. Add squash and chicken broth. Bring to a boil over medium-high heat. Reduce heat to medium, and simmer, stirring often, 10 minutes. Remove from heat; let stand 1 hour. If desired, cover and chill up to 2 days.
Process squash mixture, in batches, in a blender or food processor until smooth, stopping to scrape down sides. Pour mixture into a 6-qt. slow cooker. Stir in whipping cream, paprika, and cumin. Cover and cook on LOW 2 hours, stirring occasionally. Garnish, if desired.
*3 carrots, peeled and chopped, may be substituted.
**1 (3- to 4-lb.) butternut squash may be substituted. Preheat oven to 400°. Cut squash in half; remove seeds. Place squash, cut sides down, on a lightly greased aluminum foil-lined baking sheet. Bake at 400° for 45 minutes or until squash pulp is tender. Remove from oven. Let cool 20 minutes. Scoop out squash pulp, discarding shells. Note: For testing purposes only, we used McKenzie's Southland Microwaveable Butternut Squash.